Yes, that is true! LOL I went to community college, so I am not opposed to it as a philisophical decision, but there are reasons we do not want our son to go that have nothing to do with him...he is not privy to my thoughts on this!
Whether he ends up going to community college or a university, one of the big keys to being happy is
having had a choice. As I said earlier, I suspect my youngest may choose to begin at community college, but it won't be for lack of finances.
Agree with this. Also, keep in mind that most states have state universities other than the 'flagship' school, which might be more prone to offering merit aid to a student who is a good, solid student but not at the very top of the class.
In my rather extensive experience (as I said earlier, 23 years teaching high school seniors), parents and students tend to look to schools for scholarships . . . but the vast majority of scholarships come from organizations rather than schools themselves. For example, my college daughter is currently utilizing three scholarships. One is from a small, local business. One is from the state. One is from a national company. NONE were given by her actual university.
I have two kids in college right now. Our plan was to pay off our house right before the oldest started, freeing up the mortgage money (plus what we were adding to it) for tuition.
I know LOTS of people who seem to pay off their house just about the time their kids start college, and they're using the same plan: Keep paying the mortgage money, but pay it to the college instead. It's sensible.
We have another plan as well: We have been maxing out our 401K plan AND saving and investing in other ways since our very first professional paychecks way back when (we're not high earners, but we made this a priority). Because we are well ahead of the curve for our retirement saving, our back-up plan is
to reduce or stop adding to our retirement savings for a couple years, if necessary. This will give us an "instant raise", but do note that it's only possible because we started saving heavily when we were in our early 20s.
ETA - it seems like schools are giving less scholarship money than when I went to college. We are not eligible for financial aid - yet! That will surely change when the others go to college.
Yeah, FAFSA hasn't been mentioned much yet. I'd say any parents of a first-time college student should take the time to do the forms and SEE what happens. Once you've done that, you'll know whether it's worth your time next year.
Also, you mentioned that colleges seem to be giving fewer big-money scholarships (I didn't manage to cut and paste that). In my experience, you're right. When I was in school, colleges gave a handful of free-rides to the tip-top students. These days they seem to give the same amount of money, but instead of dividing it out to perhaps five students, they make it tuition-only and give it to twenty students. Because more students are attending college, it's still only going to the tip-top students, but they seem to have realized that it's smarter to give a smaller amount to a larger number of students. And it does make sense; if I were giving out money for a school, I would want to allot it in such a way as to attract a larger number of well-qualified candidates.